BlackRock has opened an office in Saudi Arabia in an effort to seek more opportunities in the Middle East, according to various media sources.
The world’s largest fund manager announced plans to open the Saudi Arababian office in 2017.
“We are looking at many different opportunities as an investor and we are working with the region in terms of helping them diversify their portfolios outside the region,” BlackRock’s CEO Larry Fink stated at a financial summit in Riyadh in April.
The new office, located in Riyadh, Saudi Arabia's capital, will be headed by Yazeed Almubarak, who previously worked at Morgan Stanley and Saudi bank Jadwa Investment.
As part of a larger effort to increase its foothold in the Middle East, BlackRock has recently been in talks with the Israeli government about an investment opportunity in the country.
The firm opened its first office in Israel two years ago in an effort to increase its customer base outside the United States.
The firm has $6 trillion in assets under management.